IMPACT OF DEPOSIT MONEY BANKS AND DEPOSIT MOBILISATION ON ECONOMIC GROWTH IN NIGERIA (2000–2022)
Abstract
This study examines the impact of Deposit Money Banks and deposit mobilisation on economic growth in Nigeria from 2000 to 2022. The objective of the study is to evaluate how banking sector activities such as deposit mobilisation, bank credit, money supply, and inflation influence Gross Domestic Product (GDP) in Nigeria.The study adopts an ex post facto research design using secondary data obtained from the Central Bank of Nigeria (CBN) Statistical Bulletin and National Bureau of Statistics (NBS). The data were analyzed using descriptive statistics and multiple regression analysis based on the Ordinary Least Squares (OLS) technique.The findings of the study reveal that total bank deposits, deposit mobilisation, bank credit, and money supply have positive and significant effects on economic growth in Nigeria, while inflation has a negative impact on economic growth. The result further shows that Deposit Money Banks play a vital role in enhancing economic growth through effective financial intermediation.The study concludes that a strong and efficient banking sector is essential for sustainable economic growth in Nigeria. It recommends that banks should enhance deposit mobilisation strategies, improve credit allocation to productive sectors, and that monetary authorities should ensure macroeconomic stability.
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